GAC Group Surges Over 5% as FAW Moves to Become Its Second-Largest Shareholder

Deep News09-17

GAC Group (02238) surged more than 5% in morning trading, with shares climbing 5.28% to HK$2.395 at the time of writing, reflecting a turnover of HK$62.21 million. The rally follows the company's announcement on September 14 that it had signed an Intent Agreement with China FAW Co., Ltd. to optimize industrial resources between local state-owned enterprises and central state-owned enterprises, aiming to enhance the listed company's operational efficiency. The plan involves issuing new shares to acquire a portion of a joint venture vehicle company held by FAW, along with raising matching funds.

According to preliminary calculations, upon completion of this transaction, FAW is expected to become the company's second-largest shareholder with significant strategic influence. The move is seen as a major step toward deeper collaboration between the two automotive giants.

In a separate development, Qijing Automobile announced today that the launch event for its Qijing GX7, a spacious five-seat intelligent SUV, is officially scheduled for September 23. Notably, the Qijing GX7 received over 20,000 orders within just 18 hours of pre-sale, an impressive pace for the 300,000-yuan new energy SUV segment.

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